Spanx sells majority stake to investment firm Blackstone

Spanx sold a majority stake in private-equity fund Blackstone in a deal valuing the US underwear brand at $ 1.2 billion.

The company, headquartered in Atlanta, Georgia, said the acquisition will accelerate digital transformation, expand its global footprint and expand into new categories.

The founder of Spanx, Sara Blakely, holds a “significant stake” and continues to oversee day-to-day operations with the brand’s senior management team.

She has also become the executive chairman of the newly appointed All-Women’s Board of Directors.

Blakely founded Spanx in 2000 with the goal of saving $ 5,000 and rethinking the male-dominated shapewear and underwear industry.

Spanx secures majority investment to accelerate growth

“This is a really important moment for female entrepreneurs,” Blakely said in a release. “I started this company with no business experience and little money, but I was most concerned about my customers. It gave me the courage to start a company.”

She goes on to say: “We are as excited about the future of Spanx as we were when we started Spanx 21 years ago. Together with Blackstone, we have the opportunity to further advance our mission to make the world a better place. More. One butt at a time! ”

According to Forbes, the deal will cause Breakley’s net worth to recede above the $ 1 billion threshold after the pandemic has been reduced in recent months. She was named the world’s youngest self-made female billionaire by Forbes Magazine in 2012.

Ann Chung, Global Consumer Head of Blackstone Growth (BXG), said:

“We are honored that Sarah and her team have relied on Blackstone as a partner to further accelerate SPANX’s digital transformation and growth, and what the business does with all the resources behind it. I’m looking forward to achieving it. “

Spanx sells majority stake to investment firm Blackstone

Source link Spanx sells majority stake to investment firm Blackstone

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